Morgan Keegan Announces Quarterly Dividend, Stock Split

Business Wire, August 21, 1997

MEMPHIS, Tenn.--(BUSINESS WIRE)--Aug. 21, 1997--The Board of Directors of Morgan Keegan Inc. today announced a three-for-two stock split and a quarterly dividend of $0.06 per share on the post-split shares, effectively increasing the cash dividend by 12.5 percent. The stock dividend is payable on Sept. 11, 1997 to shareholders of record on Sept. 3, 1997. The cash dividend is payable Oct. 15, 1997 to shareholders of record on Sept. 18, 1997.

With the split, the numbers of common shares outstanding will rise from 21,101,429 at July 31, 1997 to 31,652,144.

Morgan Keegan Chairman Allen B. Morgan Jr. said the split was an indication of the Board's optimism about the firm's prospects.

Morgan Keegan Inc. is a Memphis-based holding company providing securities brokerage, investment banking and asset management services through 42 offices in 12 states. Morgan Keegan common stock is listed on the New York Stock Exchange, where it trades under the ticker symbol MOR.

CONTACT: Mimi Hall Communications, Inc., Memphis

Mimi Hall, 901/682-1360